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Convert a free bet or bonus bet into guaranteed cash by hedging the opposite outcome.
A free bet (also called bonus bet, freeplay, or credit bet) is a promotional wager where the bookmaker covers the stake. If it wins, you receive the profit but not the stake back — this is called SNR (Stake Not Returned), the most common type. A $50 free bet at 3.00 wins $100 profit (not $150, because the $50 stake is not returned). To convert this to guaranteed cash, you hedge the opposite outcome.
The formula: Hedge Stake = Free Bet Stake Г— (Free Bet Odds в€’ 1) / Hedge Odds. This sets the hedge so that whichever side wins, you get the same cash amount. The guaranteed cash equals the hedge stake multiplied by (hedge odds в€’ 1). The conversion rate = guaranteed cash / free bet stake Г— 100.
The single biggest lever on conversion rate is the free bet odds. Using a free bet at 2.00 (evens) typically converts at around 50% — you'd get $25 from a $50 free bet. Using the same free bet at 5.00 (with a matching hedge at the appropriate implied probability) converts at ~80%, giving $40 from the same $50 bonus. This is why experienced matched bettors specifically seek high-odds markets for their free bets, then find the sharpest available price for the hedge on a betting exchange.
Betting exchanges (like Betfair) are ideal for hedging because their margins are typically under 2% (vs 5–10% at sportsbooks), maximizing the conversion rate. If you don't have exchange access, look for the tightest priced opposing market at a sharp bookmaker and accept a slightly lower conversion rate.
Hedge Stake = FreeBet Г— (FreeBetOdds в€’ 1) / HedgeOdds Guaranteed Cash = HedgeStake Г— (HedgeOdds в€’ 1) Conversion Rate = GuaranteedCash / FreeBet Г— 100 Example: $50 free bet at 3.00, hedge at 1.55 Hedge Stake = 50 Г— 2 / 1.55 = $64.52 Guaranteed Cash = 64.52 Г— 0.55 = $35.48 Conversion Rate = 35.48 / 50 Г— 100 = 70.96%
A free bet converter (or free bet calculator) finds the exact hedge stake needed to convert a free bet into guaranteed cash. By placing the free bet on one outcome and hedging the opposite with real money, both outcomes net the same cash amount — turning the bonus into a certain value.
60–85% is typical. The rate depends on the free bet odds and hedge odds (bookmaker margin). Higher free bet odds produce better conversion rates. Using a betting exchange for the hedge side typically adds 5–10% to conversion vs using a sportsbook.
SNR (Stake Not Returned) means your free bet stake is not returned when it wins — only the profit. This is the most common type and what this calculator uses. SR (Stake Returned) means you get the full payout including stake back when the free bet wins, making it more valuable and requiring a different hedge calculation.
Yes. Welcome bonuses from bookmakers are almost always issued as SNR free bets after qualifying bets are settled. This calculator works for any SNR free bet: welcome bonuses, reload bonuses, and promotions. Check that the free bet has no odds restrictions before placing at high odds for better conversion.